Bitcoin is back above $72,000. This indicator suggests a rise to 140,000 in July

The king of cryptocurrencies is once again shining spring green on its price chart and trading above $72,000 again. In less than 2 weeks, there will be another halving decline followed by a strong rise in previous cycles. According to TechDev's technical analysis, bitcoin could rise to $140,000 by July.

The bitcoin exchange rate has recovered to above $72K after 3 weeks and is up 4% in the last few hours

TechDev points out an uncharacteristic situation in terms of technical analysis of BTC, which shows that the cryptocurrency's value is about to double

Bitcoin price to double in 3 months?

Bitcoin price soared to $72,562, and it is the highest price since March 14.

The price rise is mainly due to the influx of capital into spot ETFs that started in January this year, and also because investors are buying up BTC before doubling down while it's cheap. The fact is that in the past, the price of bitcoin has always reached record highs after new coins came into circulation after miners mined new blocks.
According to Anthony Scaramucci, the price of the cryptocurrency will soon start to rise even more as the demand for it through ETFs has exceeded Wall Street's expectations.
Since in this case, the BTC price spike comes down to the principle of supply and demand, TechDev also wrote about the strong growth based on observations from the technical analysis he conducted.
Yesterday, he published a post on site X in which he draws attention to a very rare behavior of bitcoin, which in the past has always meant a doubling of its price. It is exactly the fact that the largest of the cryptocurrencies has closed two months in a row above the upper Bollinger Bands.
This is because Bollinger Bands in technical analysis denote a tool that measures the dynamics and volatility of the asset under study at a certain time interval. In most cases, when the price is above the upper band, it signals overbought. On the other hand, when the price falls below the lower band, it is perceived as an oversold asset.
TechDev also noted that in the past, when bitcoin has found itself above the described level, its price doubled over the next three months. This implies that bitcoin is likely to reach a price of around $140,000 by July.